Thank you student loans!
Raise your hand if you have student loans.
You can’t see me right now, but my hand is waving like i’m gonna win first prize if I answer this question. Hell yes, I have student loans and my goal for this year is to pay off my highest interest one.
Money sometimes freaks people out. Some people think there is never enough or that having too much makes you a bad person. Either way as women we should own our financial situation, understand it, educate ourselves, and master it. No matter what you might think, money DOES matter. Don’t be mad at me for saying that. Want to travel? You need money. Want to donate to your favorite charity? You need money. Want those jeans? You need money. Money is just a form of energy.
Why am I going on a rant about money? Well i used to be frustrated that I had student loans. It was something that felt like it was hanging over my head. It made me super anxious when I first looked at my loans online. They seemed so large and looming like an unachievable goal. That I might pay off by the time I’m 40..?
I started watching Aja Dang on youtube. She has over 100K in student debt and vlogs about how she is paying it off. She is the one that really inspired me to take a look at my loans this year and tackle them! So that’s where my goal to pay off my highest interest student loan came from.
But you know me. I am a little (a lottle) woo- woo. I started listening to Manifestation Babe’s podcast and she is all about mindset. She is the one I learned that money is just energy. My students loans are just energy. They allowed me to go to college. Even more than that they allowed me to have one of the best college experiences a girl could ask for. I made best friends, met my boyfrannnd, and oh I did get an education as well! I actually majored in finance. I do like numbers a little. That all being said, I’m very thankful for my student loans and all the things they allowed me to do!
Every time I see it pop up on my bank account that $345 (this is my standard loan amount) just went towards my student loans, I get excited! Thank you student loans for things you have provided me and now I’m knocking you out! Like I said money is just energy. If you are mad about paying your student loans, it probably won’t be a great experience. You make that choice. (PS this can also apply to any sort of debt! Credit cards, car payment, etc)
Alas, here is my plan to pay off this loan.
I looked at all of my loans to determine what my highest interest rate one was and plan what I want to pay each month
My highest interest rate loan is 6.5%
The loan amount is $2,016.40
$29 out of my standard loan payment goes to that loan each month. (29 x 12 = $348)
So I took $348 out of that loan amount to equal $1,668.46
Monthly goal: $140
. Make a debt flow chart which is what I’m holding in all these pics! This is an idea i got from Aja Dang. I’m definitely a visual person. And who doesn’t love checking off a box?
The other thing I have already committed to is using my tax return and bonus this year to contribute to the majority to this loan. I know that sorta defeats the purpose of the debt flow chart, but the flow chart will be a reminder of how much I have left to go and how far I have come.
Don’t get it twisted- I still plan on buying myself something with that bonus too! It’s all about balance! If you don’t treat yourself every now and then, you are more likely to really go on a spending spree. I might have done this a time or two in my life. DON’T MAKE MY MISTAKES!
Even if you can’t contribute a large amount more to your student loans every month, try $20. I promise you won’t miss it especially if you automate it. $20 is one latte a week for a month. Your future self will thank your past self for being just a little disciplined.
Good vibes & Thank you student loans!